May 29, 2024
Chelated-Iron Agricultural Micronutrient Market

Chelated-Iron Agricultural Micronutrient Market driven by Increasing Usage of Micronutrients in Crops

Chelated-iron agricultural micronutrients are compounds containing iron that have been organically bound to ligands such as amino acids, protein hydrolysates, and polysaccharides to enhance their solubility and bioavailability. They are widely used as fertilizers to prevent iron deficiency in crops. Iron plays a vital role in photosynthesis and metabolism. Chelated forms of iron ensure plants absorb adequate amounts from soil. They provide a steady supply of iron to plants throughout their lifecycle, improving yields. With rising global food demand and the need to boost agricultural productivity in a sustainable manner, the use of chelated micronutrients in farming is growing.

The global Chelated-Iron Agricultural Micronutrient Market is estimated to be valued at US$ 179.57 Mn in 2023 and is expected to exhibit a CAGR of 7.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

One of the key trends in the chelated-iron agricultural micronutrient market is the growing preference for organic chelates. Conventional inorganic iron formulations are rapidly being replaced as they can harm soil biology and structure at high application rates. Organic chelating agents such as amino acids allow iron absorption with minimum residues, making them suitable for organic farming. Another emerging trend is the development of complex formulations combining iron with other micronutrients. These multi-nutrient granules optimize plant uptake of various nutrients from soil. Their synchronized delivery enhances crop health and productivity more effectively than individual nutrient applications.

Porter’s Analysis

Threat of new entrants: Low barriers to entry as ingredients and manufacturing process for chelated-iron is standardized. However, established players have advantages of existing customer base and brand loyalty.

Bargaining power of buyers: Buyers have high bargaining power due to availability of substitutes and undifferentiated products. Buyers can negotiate on price and switch between vendors.

Bargaining power of suppliers: Suppliers of raw materials for chelating agents have moderate power due to availability of substitute materials. Suppliers of iron also have moderate power due to commodity nature of iron.

Threat of new substitutes: Threat from substitute micronutrients like zinc and manganese is low as chelated-iron plays a crucial role in plant growth. However, threat from alternate iron application methods exists.

Competitive rivalry: Intense competition exists among numerous global and regional vendors. Players compete based on product quality, pricing and service.

Key Takeaways

The Global Chelated-Iron Agricultural Micronutrient Market Size is expected to witness high growth over the forecast period. The global Chelated-Iron Agricultural Micronutrient Market is estimated to be valued at US$ 179.57 Mn in 2023 and is expected to exhibit a CAGR of 7.4% over the forecast period 2023 to 2030.

North America holds a dominant share due to developed agricultural sector and increased demand for high-value crops. The Europe chelated-iron agricultural micronutrient market is growing rapidly with increasing awareness about micronutrient deficiency among farmers.

Key players operating in the chelated-iron agricultural micronutrient market are Abbott, F. Hoffmann-La Roche Ltd, Johnson & Johnson, ARKRAY, Inc., Ascensia Diabetes Care Holdings AG, AgaMatrix, Bionime Corporation, ACON Laboratories, Inc., MEDISANA GMBH, Tividia Health, Inc. and Rossmax International Ltd. Chelated-iron formulations by key players are gaining popularity among farmers for efficient delivery of nutrients to plants. They focus on developing sustainable and cost-effective chelated complexes for varied agricultural applications.